Stocks look to open lower after Bernanke speech (click here)
By MADLEN READ – 2 days ago
NEW YORK (AP) — Stocks headed for a slightly lower open Tuesday as investors, anxious about the nation's stumbling banks, found only modest relief after Federal Reserve Chairman Ben Bernanke said the Fed might extend its lending efforts to investment banks.
Bernanke, speaking at a mortgage lending forum hosted by the Federal Deposit Insurance Corp., said the Fed is considering giving Wall Street firms more time to draw emergency loans from the central bank.
Still, the market remains worried about the banking industry, particularly ahead of second-quarter earnings season, which starts when Alcoa Inc.'s results are released after the market closes Tuesday.
The idea that government-sponsored lenders Freddie Mac and Fannie Mae might need to raise more capital amid worsening credit conditions sent their stocks plummeting on Monday. And later in the afternoon, cash-strapped IndyMac Bancorp Inc. said it is no longer accepting new mortgage loan submissions and is cutting 3,800 jobs — more than half its work force....
Pre-Meditated or Idiocy?
More than likely idiocy.
To begin, Goldman Sachs would never have the stock market price today if it weren't for its nightmarish US Treasurer Henry Paulson. One might ask, how did that occur? Because Paulson, in conversation with his Goldman friends steered their investment portfolios away from any interests that were politically risky to the Bush administration and pointed to the spending of the debt ridden nation.
Literally Bernanke and Paulson have teamed up to create a conglomerate of government supported private industry, at least for the time being and until the government infrastructure can be demised. Bush's administration has always been to destroy USA infrastructure at every turn.
This is a result of such a priority.
What better way to achieve the goal then to put a second rate financial firm, such as Goldman Sachs, in the power of the Secretary of the Treasury and watch the demise of every other financial firm on Earth regardless of the prudency or the idiocy that accompanies that strategy.
The Bush Administration has been completely reckless in regard to foreign policy and the same holds true for the USA economy and financial markets. In order to win the 2004 Presidency, Bush bouyed the USA economy with faux reality and plenty of hubris. For an Executive Branch that believes in 'the free market strategy' they sure seem to enjoy government control !
Bush's fiscal policies may as well be entitle, "WELCOME TO THE LAND OF THE LOST."
Will Bernanke Doom the SEC? (click title to entry)
By JULIE SATOW, Staff Reporter of the Sun
July 11, 2008
As the Federal Reserve chairman pushes ahead with his effort to expand the Fed's oversight of investment banks, traditionally the jurisdiction of the Securities and Exchange Commission, some officials said the move would severely limit the securities agency's influence on Wall Street and could even lead to its dismantling....
